Based in Boulder, EVOL's current products include burritos, quesadillas, entrees, bowls and skillet meals.

Boulder Brands said it is buying EVOL from founder Phil Anson and a group of investors including Alliance Consumer Growth and an investment vehicle created by Revelry Brands and Spier Capital Management.

Boulder Brands said that in the 12-month period ending Dec. 31, 2013, EVOL net sales are estimated to grow 70 percent to $17 million.

Stephen Hughes, chairman and CEO of Boulder Brands, said that while the acquisition of EVOL is relatively small in size, "we believe it to have significant potential for Boulder Brands, as EVOL is a category-elastic brand in an exciting segment that will further accelerate our growth rate and diversify our mix to high-growth natural brands.

"Consumers are demanding pure and simple ingredients in the food they buy, and retailers are in the process of renovating their freezers with healthier alternatives," said Hughes in a statement. "With EVOL, Boulder Brands will participate in this exciting growth opportunity with a newly defined 'pure and simple' food platform."

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Boulder Brands said that EVOL "offers great-tasting foods made with pure and simple ingredients, including those that are antibiotic- and hormone-free, and are free of artificial preservatives or flavors and made with organic ingredients."

In October 2012, New-Jersey based Smart Balance Inc. announced that it was relocating its corporate headquarters to Boulder in 2013, reorganizing the company in two business segments and changing its name to Boulder Brands, Inc.

According to Hughes, transaction highlights include that Boulder Brands paid $48 million in cash. This is before future cash tax benefits, the net present value of which is estimated to be $8 million, for a net cash price of approximately $40 million.

For 2014, Boulder Brands expects EVOL to contribute approximately $25 million in net sales.

"We see considerable revenue and platform synergies with EVOL and Udi's," said Hughes. "The EVOL team, led by Phil Anson, brings expertise we believe essential to building both our EVOL and Udi's frozen platforms.

"This portfolio, which will include EVOL and Udi's Gluten Free frozen pizzas, burritos and entrees, will enable us to offer all retailers in North America a strategic partner to help renovate their freezer cases," said Hughes.

Anson said he and "the entire EVOL team" are "enthusiastic about joining the Boulder Brands organization and keeping the company in our hometown of Boulder."

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